Tether claims hackers have swindled over $30 million USD worth of tokens

Tether has claimed that a new hack has resulted in the theft of over $30 million USD worth of its tokens.

In news that has shaken the faith of cryptocurrency investors, Tether has announced that a new ‘malicious action’ by an ‘external attacker’ has amounted to the theft of Tether tokens to the value of $30,950,010 USD.

Tether – formerly Realcoin – is a dollar-pegged cryptocurrency designed to serve as a proxy for the US Dollar that can be sent between cryptocurrency exchanges

Read: New Android vulnerability threatens mobile cryptocurrency wallets

In an official blog post, the company clarified that:

“$30,950,010 USDT was removed from the Treasury wallet on Nov. 19, 2017 and sent to an unauthorized bitcoin address. As Tether is the issuer of the USDT managed asset, we will not redeem any of the stolen tokens, and we are in the process of attempting token recovery to prevent them from entering the broader ecosystem.”

The company has announced its intent to develop and release a new version of the OmniCore client that – if adopted by network nodes – would effectively issue an emergency fork to blacklist the stolen tokens and prevent their transfer. OmniCore has further clarified that it would soon release new software tools that would enable Tether to retrieve the stolen tokens.

Controversy has lingered, however, as the firm is reported to share ownership with Bitfinex – a cryptocurrency exchange that, earlier this year, similarly suffered a malicious attack that saw hackers depart with more than $60 million USD worth of Bitcoin.

Several cryptocurrency exchanges, such as Huobi and OKCoin, have suspended Tether trading in the wake of the announcement.

Should we receive further clarity from Tether, we will update this story accordingly.

Read: New report shows intensification of North Korean assaults on cryptocurrency users, services

What are your thoughts? Be sure to let us know your thoughts in the comments below!

Related Articles

FCA warns users against Sun’s Poloniex

The UK's financial authority has published an official warning to users that Poloniex is not operating under regulation.

Hong Kong SFC warns users fraud for two platforms

The Securities and Futures Commission of Hong Kong has raised concerns over activities with two crypto entities.

El Salvador’s Bitcoin investment hits profits

After years in the downturn market, El Salvador's Bitcoin holding has risen to a 3% gain over its investment.

Grayscale Bitcoin Trust looks to change to ETF

Grayscale to transform the GBTC with a Bitcoin ETF to align the price closer to Bitcoin's and create a seamless process for investors.

See All